- Talks of Cardano-backed stablecoin may come to fruition
- Cardano-backed stablecoin will increase ADA’s demand
- The Cardano ADA price created a 7 month high against Bitcoin
Cardano news today – The happenings at Cardano has been golden so far this year. The network has started to explore more ways to improve the demand of its native token ADA. Recently, there have been rumors about the possibility of launching a Cardano-backed stablecoin. Now we understand that this report has shifted from rumor to reality as Charles Hoskinson founder of Cardano revealed that if his network launches a new stablecoin it would improve the demand for ADA.
Cardano to Launch Stablecoin
The CEO of IOHK said the crypto-based company has over the last seven years been contemplating launching a stablecoin. The network is now seriously considering acting on it. Hoskinson has expressed interest in creating a stablecoin on Cardano’s Blockchain. He did this via a tweet.
The rumors of a Cardano-based stablecoin started with a tweet posted by Weiss Crypto Ratings, (the crypto-focused ratings and analytical company). The company on its tweet said there were rumors that IOHK CEO Hoskinson was considering the possibility of building a version of DAI on the Cardano network. The company also noted that there’s a growing need for trust-less stablecoins in the digital currency market. He remarked that digital coins like DAI are trust-less for failure. This, he said gives the offering a huge advantage over its contemporaries like USDT and USDC.
Cardano-backed Stablecoin Would Increase ADA Adoption and Demand
Cardano ADA News Today – Launching a DAI version on the Cardano Blockchain spread like quickly on Twitter. The news made headlines on the majority of crypto media. The hype became difficult to calm down when Hoskinson decided to address the issue. He went on to explain that such a project can potentially offer huge benefits to both Cardano as a Blockchain network and ADA holders as well. When Hoskinson was asked how such an offering would be of benefit to ADA holders because the position of the project was unclear (no one knows whether it would be a separate entity from Cardano).
Cardano (ADA) Price Today – ADA / USD
Hoskinson said the prospective stablecoin could utilize the ADA token, as a part of its Central Bank vehicle. This, according to the IOHK chief would create better demand for the network’s underlying asset ADA and increase its price and use cases. For Cardano price prediction, the price of ADA started the day with a fresh 7-month high price after rising by 5% to reach the $0.72 area. The crypto has also experienced strong growth in the last 30-days after it surged by nearly 82%. It eventually created a new 7-month high against BTC after breaking the 650 SAT position.
Cardano News Today – Cardano ADA Price Declines With 11% in a Day
- Can Cardano ADA bulls revive the crypto market?
- Byron Reboot Update set to launch
- Can Byron and Cardano Shelley Update revive the ADA bulls?
- Charles Hoskinson still bullish on the future of ADA
Cardano Price Prediction 2020 – ADA crashes over 11% in the past 24 hours as the crypto market relents. Bryon Reboot update is set to launch in the next two weeks bringing forth a series of development in preparation of Cardano Shelley Update. The general crypto market is on the verge of a likely market-wide bearish reversal that may set the revival back beneath $200 billion as BTC shortly broke beneath $9,000 in the early trading hours of the U.S market on Wednesday.
Can ADA bulls revive the crypto market?
Cardano Staking – an abrupt decline in BTC’s price is influencing the whole crypto market with Cardano’s ADA leading, ADA recorded over the past 24 hours amongst major altcoins. Cardano Price Prediction 2020 – ADA declined with 11.91% in the past 24 hours to trade at $0.0500. the massive decline in Price persisted for two days, totaling a loss of 19% over the past 72 hours. Cardano loses over 11% in a day currently, ADA bulls are trying to sustain the buying pressure, as the price encounters a decline beneath support levels at $0.0450.
Cardano (ADA) Price Today – ADA / USD
Cardano ADA bulls lose this level, then the market will encounter a death move towards lower levels and may disengage the massive 50%+ returns profited against the U.S dollar in 2020. Cardano Shelley – positively, ADA price may be up for a bullish impetus with the forthcoming development of Byron and Cardano Shelley Upgrade launch.
Can the forthcoming Byron Reboot Update influence the ADA bulls
Cardano Price Prediction 2020 – Cardano developers and the ADA community are upgrading their blockchain in an attempt to make it more decentralized and safe. On the Cardano roadmap, the Cardano Shelley Update also known as Cardano 2.0, is the key introducing these changes to the system. Commenting on this, Cardano’s founder, Charles Hoskinson in a YouTube video confirmed that the Byron Reboot update is set to be launched. He added that it is an intermediary step to ease out the transmission on the Cardano Shelley Update. He went thus:
“So we are finishing up the sprint for this month and the next sprint will be the polishing and finishing the sprint for the Byron reboot. So with any luck, mid-March is when we will expect to see that.”
Charles Hoskinson still bullish on the future of ADA
Cardano Price Prediction 2020 – ADA price has not shown any progress in the last 24 hours. An analyst previously predicted this price decline when ADA price broke its support level to $0.057. it has so far decline beneath the lower support to trade at$0.0492. Cardano Shelley – regardless of the price tussle, Hoskinson is still positive that ADA is going to be the greatest cryptocurrency.
Cardano (ADA) Price Analysis: ADA About To Break $0.05 Level Indicates Bearish Rally
- Cardano is facing significant pricing corrections after going below the mark of $0.06.
- It is facing an overall loss of -13.56% in today’s market and is predicted to go below $0.050.
The bullish momentum built by Cardano from the starting of the month has been put on hold by ADA bears. After reaching the critical resistance area of $0.070, ADA has been facing major pricing corrections for the past few days.
But the decline below $0.060 has proved to be more damaging to ADA as it in a straight position to decline below $0.050 level also. A decline below $0.050 level will just open doors to more losses for the altcoin.
Today, it started with the price range of $0.054 in the hope of crossing the safe support level of $0.060 but the market witnessed something that was completely opposite. Cardano is facing a loss of -13.56% bringing the current price to $0.050.
The market capitalization is of $1,310,551,007 and the 24H volume traded is of $62,788,291. It can be said that the increase in selling volume has resulted in a significant downfall.
In order to have a fresh start, the altcoin needs to break the major resistance level of $0.0580. This will help ADA to cross the psychological mark of $0.060 and gain bullish momentum thereafter.
The technical chart reflects on the bullish momentum gained by the altcoin from the starting of the month which is followed by the ongoing downtrend.
The technical oscillators suggest that the ADA bears are here to stay. RSI has reached an oversold region for the first time this month and is reaching to the low level of 20.
CCI is making attempts to reach the positive territory but the overselling volume is pushing it down.
MACD levels also indicate that there is a strong ongoing selling phase going for the altcoin. The levels are also down trending in the bearish zone.
Resistance Level: $0.0560 and $0.0580
Support Level: $0.0470 and $0.0440
Cardano (ADA) Price Analysis: Bears In Control Below $0.055
- ADA price started a nasty decline after it broke the $0.0600 support against the US Dollar.
- The price even traded below the $0.0550 support level to enter a bearish zone.
- There is a major bearish trend line forming with resistance near $0.0580 on the 4-hours chart (data feed via Kraken).
- The price remains at a risk of more losses below the $0.0520 and $0.0500 levels in the near term.
Cardano price is down more than 5% and trading in a bearish zone against the US Dollar, similar to bitcoin. ADA price could continue to slide if it breaks the $0.0510 support area.
Cardano Price Analysis
In the past few days, cardano price started a major decline below the $0.0600 support area against the US Dollar. The ADA/USD pair even declined below the $0.0580 pivot level and the 55 simple moving average (4-hours).
It opened the doors for more losses and the price even traded below the $0.0550 support level. Finally, it spiked below the $0.0520 level and a new weekly low is formed near the $0.0516 level.
The price is currently consolidating losses and trading above the $0.0520 level. An initial resistance on the upside is near the $0.0541 level. It coincides with the 23.6% Fibonacci retracement level of the downward move from the $0.0621 high to $0.0516 low.
The first major resistance is seen near the $0.0550 and $0.0560 levels. Besides, the 50% Fibonacci retracement level of the downward move from the $0.0621 high to $0.0516 low is also near the $0.0569 level to act as a hurdle.
More importantly, there is a major bearish trend line forming with resistance near $0.0580 on the 4-hours chart. Therefore, upsides are likely to remain capped in cardano price near the $0.0560 and $0.0580 levels.
To start a fresh increase, the bulls need to break the $0.0580 area and then gain pace above the $0.0600 level. If not, there is a risk of more downsides below $0.0520 and $0.0510.
The main support is near the $0.0500 level, below which the price is likely to tumble below the $0.0480 and $0.0475 levels in the near term.
The chart indicates that ADA price is clearly back in a bearish zone below the $0.0550 level. There could be a minor correction, but as long as the price is below $0.0580, it could continue to move down.
4 hours MACD – The MACD for ADA/USD is currently gaining momentum in the bearish zone.
4 hours RSI – The RSI for ADA/USD is now well below the 40 level.
Key Support Levels – $0.0510 and $0.0500.
Key Resistance Levels – $0.0560 and $0.0580.